MOSCOW (MRC) -- Chevron and JERA sign MOU to explore carbon capture and storage projects in United States and Australia, said the company.
Chevron New Energies (Chevron), a division of Chevron U.S.A. Inc., and JERA Co., Inc. (JERA) have signed a Memorandum of Understanding (MOU) that provides a framework for their collaboration on carbon capture and storage (CCS) projects located in the United States and Australia. This MOU has the potential to expand the significant liquid natural gas (LNG) relationship that Chevron and JERA have, and further demonstrates the commitment and dedication both companies have to advancing lower carbon solutions.
This MOU furthers the collaboration between the companies in the lower carbon space, following the November 2022 announcement of their collaboration on the potential co-development of lower carbon fuel in Australia and the study of liquid organic hydrogen carriers (LOHC) in the United States.
“We have deep experience and capability in subsurface and are actively developing CCS projects around the world,” Chris Powers, vice president of Carbon Capture Utilization and Storage at Chevron, said. “We understand that without long-term relationships like the one we have with JERA, we wouldn’t be able to develop these resources and move at the pace we have been moving to further our energy transition goals.”
Gaku Takagi, executive officer, head of the Resource Procurement & Investment Division of JERA, said the company has been working to reduce carbon dioxide (CO2) emissions from its domestic and overseas businesses to zero by 2050.
“JERA and Chevron have worked together to bring stable and reliable LNG to our customers over the years, and this CCS collaboration further demonstrates our strong commitment to advance lower carbon solutions,” Takagi said.
We remind, Chevron Corp. posted a record USD36.5 bn profit for 2022 that was more than double year-earlier earnings but fell shy of Wall Street estimates, undercut by an asset writedowns and a retreat in oil and gas prices.
The second largest U.S. oil producer's adjusted net profit for 2022 beat by about USD10 billion its previous record set in 2011. But USD1.1 B in writedowns in its international oil and gas operations in the fourth quarter left earnings short of forecasts for adjusted net profit of USD37.2 B.